Page 10 - Gaming Industry

Revenue stagnant and margins eroded, impact of high GST on gaming: Report

The report said, "Six companies have witnessed a decline in revenue growth ranging from 10-30 per cent, with certain companies facing a decline of 50 per cent"

Artificial intelligence to power 20% PC market by end of FY25: Lenovo

The company is confident that 20 per cent of the PC consumer market will be powered by AI by the end of this year

GST Council to meet on Jun 22, may take up review of online gaming taxation

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet after a gap of eight months on June 22, and is likely to review the implementation of 28 per cent GST on the online gaming sector. "The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi," the GST Council Secretariat said in a post on X. The 52nd meeting of the GST Council, which comprises finance ministers of all states and UTs, was held on October 7, 2023. The agenda for the 53rd meeting is yet to be circulated amongst the Council members. This would be the first Council meeting after Lok Sabha elections. Results of the elections were declared on June 4, and Sitharaman was sworn in as a Cabinet minister in the new Modi Government on June 9. The GST Council is likely to review the decision to levy 28 per cent GST on full value of bets for online gaming companies which came into effect from October 1, 2023. In its meetings in July and August, the GST Council had approved amendmen

Gujarat makes draft rules for gaming zones, seeks public suggestions

In the wake of the deadly fire at a game zone in Rajkot which claimed 27 lives last month, the Gujarat government on Wednesday came out with draft rules which seek to ensure safety at such recreation facilities. The objective behind the proposed 'The Gujarat Amusement Rides and Gaming Zone Activities (Safety) Rules-2024' is to ensure that such tragedies do not take place again, said health minister and government spokesperson Rishikesh Patel. The draft rules were uploaded on the state home department's website so that people can submit suggestions or objections, Patel told reporters in Gandhinagar after the first meeting of the state cabinet following the Lok Sabha elections. Suggestions can be submitted by June 25 to the home department's email ID 'home@gujarat.gov.in'. Under section 33 of the Gujarat Police Act, 1951, the Commissioner of Police and District Magistrates have the authority to frame rules in this regard. The final rules will be notified after getting necessary ...

$3.5 bn domestic online gaming industry seeks GST adjustment to help thrive

The Indian online gaming industry, valued at over USD 3.5 billion on Monday urged the government to reconsider levying 28 per cent GST on Contest Entry Amount' (CEA) in order to save the domestic industry. The Skill Online Games Institute (SOGI) argues that this high tax rate is stifling domestic companies and hindering the industry's potential for significant growth. "The shift from 18 per cent on gross gaming revenue to CEA in October last is not just a financial burden on legitimate domestic platforms but also unintentionally bolstered illegal offshore betting and gambling activities," SOGI Founder President Amrit Kiran Singh said. "There is a need for the re-assessment of GST policy to curve the unintended consequences of fostering illegal gambling and to support the growth of the domestic online gaming industry," he said. Singh highlighted concerns that the high tax rate is driving Indian companies out of business, while foreign companies, particularly those from China where

Rajkot fire tragedy: Gaming zones in Vadodara to stay temporarily closed

A massive fire broke out at a gaming zone in Gujarat's Rajkot city on May 25 evening resulting in the loss of lives including children

Microsoft plans to release next 'Call of Duty' version on Game Pass: Report

The plans are expected to be announced at the company's annual Xbox showcase next month, the report said, citing people familiar with the matter

Microsoft Xbox shuts multiple studios, consolidates teams for cost-cutting

The 'reprioritization of titles and resources' is so that Xbox can invest deeply into its portfolio of games and new intellectual property, according to Booty

Google defends app store, fighting Epic Games' push for major reforms

Google made its filing in San Francisco federal court, where Epic last year persuaded a jury that the tech giant unlawfully stifled competition with its controls over apps downloads

Games24x7 elevates Tridib Mukherjee to Chief Data Science and AI officer

Mukherjee will continue to drive Games24x7's data-centric approach, leveraging his extensive expertise in data science and artificial intelligence to drive innovation and enhance user experience

Acer debuts AI-enhanced 'Predator Helios series' gaming laptops in India

Acer said its Predator Helios series has AI capabilities such as AI-assisted noise reduction, AI-driven webcam solution, and AI-enabled graphics card

PM Modi interacts with country's top gamers, discusses gaming industry

Prime Minister Narendra Modi on Saturday interacted with top Indian gamers on a host of issues relating to the gaming industry. In a free-wheeling interaction regarding the future as well as the challenges before the e-gaming industry, the prime minister posed curious questions to the gamers while also trying his hands at some of the games. "People have offered different solutions. I have an alternative solution called Mission LIFE, which advocates for changing our daily lifestyle to benefit the environment. Now, envision a game aimed at addressing global climate issues, where the gamer must explore various methods and solutions to identify the most sustainable approach," Modi told the gamers during the interaction. "What are these steps? How do we navigate through it and choose the best approach for success? Take swachhata as an example, the game theme could revolve around cleanliness and every child should play this game. Youngsters should embrace Indian values and understand thei

SC takes up pleas from 9 HCs on imposition of 28% GST on e-gaming firms

The Supreme Court on Friday allowed a petition of the Centre and transferred to itself pleas, challenging the imposition of 28 per cent Goods and Services Tax on e-gaming firms, from nine high courts for an authoritative pronouncement. A bench comprising Chief Justice D Y Chandrachud and justices JB Pardiwala and Manoj Misra allowed the transfer plea of the Centre and asked it to file the response to the pending petitions of online gaming companies by April 20. It also appointed a nodal counsel, who will collate records in the case and now the pleas will be taken up for hearing in the first week of May. Many online gaming firms like Dream 11, Games 24x7, and Head Digital Works had moved the top court challenging the GST imposition. Earlier, the top court had stayed the Karnataka High Court verdict quashing the GST intimation notice to the tune of Rs 21,000 crore issued to an online gaming firm.

Online gaming can help India's development goals, needs clear regulations

The sunrise sector must be integrated into national development goal and strategies

Indian gaming market revenue may double to $6 billion by 2028: Report

India is the fastest growing mobile gaming market and the annual revenue of the overall Indian gaming industry is expected to almost double to USD 6 billion by 2028 from USD 3.1 billion in 2023, a joint report by Interactive Entertainment and Innovation Council and online gaming firm Winzo said on Wednesday. The India Gaming Report 2024 based on Interactive Entertainment and Innovation Council (IEIC) analysis and secondary data, projects paying gamers to reach 240 million by 2028 from 144 million paid users for games in 2023. "The Indian gaming industry comprises over 1400 gaming companies, including 500 gaming studios. The annual revenue for gaming is projected to reach USD 6 billion by 2028," the report said. According to the report, the number of professional players will grow by 2.5 times over the next five years from 500 in 2023 on the back of recognition by the government of esports and various state government-led initiatives to develop talent around esports. "In just four .

First-ever India pavilion inaugurated at Game Developers Conference in US

The first-ever India pavilion has been inaugurated at the prestigious Game Developers Conference in San Francisco, reflecting a new dimension of the bilateral relationship between India and the US. The inauguration on Wednesday also saw the launch of the 'India Gaming Market Report'. It was done in collaboration with the US India Strategic and Partnership Forum (USISPF) and its member WinZO. According to the report, India's gaming market is expected to grow from USD 3.1 billion in 2023 to USD 6 billion in 2028. The inauguration of the India pavilion marks a significant milestone in the Indo-US relationship, said USISPF president and CEO Mukesh Aghi. "The online gaming sector in India is burgeoning and initiatives such as these would go a long way in fostering collaboration between the two nations, including investment, innovation and content. We envision a future where our combined creativity fuels the next wave of gaming excellence," he said. The event witnessed the participation

Tencent's Oct-Dec results: Revenue at $21.56 billion, misses estimates

The world's largest video game company and operator of the WeChat messaging platform reported revenue of 155.19 billion yuan ($21.56 billion) for the three months ended Dec. 31

Liquidnitro Games raises $5.25mn in seed round led by Nexus Venture

Hyderabad-based company will use money to build studio, invest in technology, strengthen production pipelines

Meta sees big opportunity in gaming industry: MD Sandhya Devanathan

According to a study by GWI, an audience research company 90 per cent of gamers who discover new games on social media, do so through Meta with Reels playing a leading role in discovery

Over 40% of real-money gamers in India from non-metro regions, says Meta

Highlighting the growing popularity of gaming in India, a study by social media firm Meta said nearly half of casual gamers and 43 per cent of real-money gamers come from non-metro geographies. A study by Meta GWI showed that more than three of four casual and real-money gamers in the country discover new games to play and purchase on social media, and more than 90 per cent of these do so on Meta platforms. "Gaming is a top three vertical for Meta globally and we are particularly seeing our Advantage+ suite of automated ads drive growth for gaming brands," said Arun Srinivas, Director and Head (India), Ads Business, Meta. Srinivas added that gaming is poised to play a leading role in India's techade. The study revealed that 6 in 10 smartphone gamers game daily, and almost 90 per cent of real-money gamers take part in such activities at least weekly. "Nearly half of casual gamers and 43 per cent of real-money gamers come from non-metro geographies," it said. The study observed tha